Mazabi reinforces portfolio with Hotel Palacio San Gabriel

Mazabi reinforces portfolio with Hotel Palacio San Gabriel

Located at the centre of the city of Ronda, this asset is, in itself, part of its history, since it was built during the XVIIIth century. It has a total 1.242 sqm, spread across 4 floors (ground floor, first, second and attic) and it features 22 suites. Guests of this unit managed by Soho Boutique Hoteles may also enjoy its common areas such as lounges, terrace, cinema, café and wine cellar.

«The Hotel Palacio San Gabriel is a unique asset for its architecture, history and location», advanced Juan Antonio Gutiérrez, Mazabi’s CEO. «We are very happy with this operation because it allows us to complement our portfolio with a hotel that has much substance and family tradition and whose management and operation are highly regarded by the clients», assumed Mazabi's CEO.

On this operation, the release Iberian Property had access to did not disclose the price of the asset nor the name of the seller, but it is known this acquisition was part of Mazabi’s expansion strategy which consists in «reinforcing its hotel portfolio and investments, with acquisitions in tourist prime areas destined for the long-term».

Thus, Mazabi’s goal for 2020/2021 is to «continue its growth plan, by creating a portfolio with diversified assets located in strategic locations in the main Spanish cities». In order to achieve it, the company expects to reach a portfolio under management estimated at more than 3 billion euro within three years. But it should be noted that the expected investments will not be carried out in Spain alone, but also in «other strategic locations across Europe».

There are other due diligence deals in Spain

Mazabi expects the conclusion of more operations before the end of 2020. Some of these operations are already under due diligence, mentioned the same press release.

These deals should include assets located in Madrid, Cadiz and the Balearic Islands and have the support of family offices investing in the company.

«Tourism is a strategic segment and we are convinced that it keeps having a lot of potential. We want to keep incorporating new assets through acquisitions and/or contributions from third parties to Silicius, REIT owned by Mazabi», advanced Juan Antonio Gutiérrez.

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